(PUB) Morningstar FundInvestor

May 2 014

Morningstar FundInvestor

23

Data through April 30, 2014 Becker Value Equity Retail

Ticker

Status Yield Total Assets

Mstar Category

BVEFX Open

1.0% $299 mil

Large Value

Morningstar Analyst Rating 05-02-14

Investment Style Equity Stock %

Historical Profile Return Risk Rating Above Avg Below Avg Above Avg

92% 100% 94% 96% 98% 99% 94% 96%

´

Manager Change Partial Manager Change

Morningstar Pillars Process Performance

13.0 16.0 19.0 22.6

Growth of $10,000

Positive Positive Positive Neutral Positive

¶ ∞ ∞ ∞ ∞

Investment Values of Fund Investment Values of S&P 500

People Parent Price

10.0

Performance Quartile (within Category) History

2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 04-14

Morningstar Analyst Rating Morningstar evaluates mutual funds based on five key pillars, which its analysts believe lead to funds that are more likely to outperform over the long term on a risk-adjusted basis. Analyst Rating Spectrum Œ „ ´ˇ ¨

10.75

12.25 14.67 3.79 -1.82 0.39 14.28

12.80

14.24 15.78 -0.01 -6.47

13.54

9.28

11.65 26.92

12.92 12.17 -2.89 -3.34

12.67 -0.65 -2.76 -1.04 1.30 -1.95

14.46 15.66 -0.34 -1.85

18.28 36.40

18.63 1.91 -0.65 6.63 0.00 1.91

NAV

9.24 4.33 2.19 0.68 8.56 0.08 0.50 1.00 0.75 19

-30.53 2.65

Total Return %

. . . . . .

-2.84 2.82 1.14

6.47 6.32 0.90

0.46 7.23 1.39

4.01 3.87 1.42

+/-S&P 500

+/-Russ 1000 Vl Income Return % Capital Return %

1.07

1.27

1.54

14.71

-31.43 1.51

25.53

10.90

14.12

34.98

27

80

44

10

28

69

48

39

10

78

Total Rtn % Rank Cat

Pillar Spectrum Positive ∞

0.00 0.00

0.04 0.03 1.20 0.14

0.14 0.45 1.00 1.15

0.16 0.91 1.00 1.14

0.12 0.00 0.99 1.10

0.13 0.00 0.95 1.62

0.15 0.00 0.95 1.19

0.17 0.00 0.95 1.33

0.20 0.00 0.93 1.49

0.21 1.21 0.93 1.40

0.00 0.00 . . . 114

Income $

§ Negative

¶ Neutral

Capital Gains $ Expense Ratio % Income Ratio % Turnover Rate % Net Assets $mil

. . .

Performance 04-30-14 1st Qtr 2nd Qtr

3rd Qtr

4th Qtr

Total

26 26

35 38

30 57

39 61

46 61

45 90

18

34 80

27 84

38 97

2010 2011 2012 2013 2014

4.38 -11.18 10.19 9.82 12.17 5.73 -0.44 -15.66 11.91 -0.65 11.13 -4.05 5.40 2.91 15.66 11.00 3.61 7.28 10.56 36.40 2.30 . . . .

3

114

Portfolio Analysis 03-31-14 Share change since 12-13 Total Stocks:65 Sector

Rating and Risk Time Load-Adj

PE Tot Ret% % Assets

Morningstar

Morningstar Risk vs Cat

Morningstar Risk-Adj Rating

Period Return % Rtn vs Cat

AT&T Inc

Comm Svs 10.5 4.15 2.27 Technology 15.2 8.74 2.18 Hlth care 12.6 4.83 2.16 Comm Svs 15.0 12.37 2.13 Finan Svs 12.9 -2.98 2.11 Technology 18.0 13.20 2.10 Technology 11.4 -10.42 2.02 Cnsmr Def 88.5 -2.63 2.01 Cnsmr Def 16.4 1.91 2.01 Finan Svs 11.3 9.51 2.01 Cnsmr Cyc 19.7 -11.58 2.00 Basic Mat 33.7 -5.31 1.99 Finan Svs 20.4 3.00 1.97 Finan Svs 11.8 4.93 1.96 Technology 20.3 -3.10 1.96 Technology 14.4 3.70 1.95 Finan Svs 10.2 -4.19 1.93 Cyclical 31.20 1.08 BasicMat 2.01 0.66 . . CnsmrCyc12.56 1.46 . . FinanSvs 15.26 0.97 . . Real Est 1.37 0.94 . . Sensitive 46.76 1.07 CommSrvs 4.98 1.24 . . Energy 13.59 1.27 . . Industrl 10.53 0.93 . . Technlgy 17.66 1.01 . . Defensive22.04 0.80 CnsmrDef 9.28 0.76 . . Hlthcare 10.07 0.85 . . Utilities 2.69 0.75 . . h r t y u j i o p a k s d f Energy Energy 11.3 1.29 2.05 13.5 -1.75 2.04 Energy 14.4 -0.93 2.01 Sector Weightings % of Stocks Rel S&P 500 High 3 Year Low

1 Yr 3 Yr 5 Yr

22.87 13.60 18.32

Trailing

Total

+/-

+/- Russ %Rank Growth of

Microsoft Corporation

Return% S&P 500 1000 Vl

Cat

$10,000

+Avg

Avg -Avg -Avg

Aetna Inc Directv

3 Mo 6 Mo 1 Yr

5.73 -0.50 7.49 -0.87 22.87 2.43 13.60 -0.23 18.32 -0.82 8.80 1.13

8.77 6.31 1.63 3.50 -1.95 0.14

84 10,573 71 10,749 12 12,287 25 14,660 36 23,189

Avg

10 Yr Incept

8.80 9.25

+Avg

JPMorgan Chase & Co

Amdocs Ltd. Chevron Corp

3 Yr Avg 5 Yr Avg 10 Yr Avg 15 Yr Avg

Other Measures

Standard Index

Best Fit Index

Murphy Oil Corporation

S&P 500

R3000

11 23,243 . . . . . Tax Analysis Tax-Adj Rtn% %Rank Cat Tax-Cost Rat %Rank Cat

NCR Corporation

Alpha

-0.5 1.03

0.3

Bunge Ltd

Beta

0.98

Wal-Mart Stores Inc PNC Financial Services G National Oilwell Varco, Johnson Controls Inc Plum Creek Timber Co Inc Marsh & McLennan Compani

R-Squared

97

98

3 Yr (estimated) 5 Yr (estimated) 10 Yr (estimated)

12.60 17.57

22 29

0.87 0.64 0.71

62 54 32

Standard Deviation

12.97 13.60

Mean

8.02

7

Sharpe Ratio

1.05

Potential Capital Gain Exposure: 25% of assets

Allstate Corp

Morningstar’s Take by Jeff Holt, CFA 05-02-14 Becker Value Equity’s team approach helps to mitigate concerns about an upcoming retirement. Longtime portfolio manager Robert Schaeffer, a nearly 30-year veteran of Becker Capital, is planning to retire from the industry in June 2014. Professional turnover is rare at Becker: Aside from Schaeffer and founder Patrick Becker Sr., who retired in 2012, the team has seen no departures. Following Schaeffer’s retirement, the team will consist of four portfolio managers and four analysts (managers also have general analyst responsibilities), and five of those members have been with Becker for at least 15 years. The team’s stability and high level of experience inspire confidence in its ability to continue carrying out the firm’s established investment process. That process relies on bottom-up, fundamental research to identify higher-quality companies that are trading at a discount and are expected to rebound over the coming year. For example, the team added Plum Creek Timber PCL, the largest timberland owner in the United States, in the fourth quarter of 2013 based on

IAC/InterActiveCorp

Intel Corp Chubb Corp

the company’s attractive price-per-acre valuation and the team’s belief that the firm would be well-positioned to benefit from a continued housing recovery. The team also finds the company’s free cash flow attractive. Since the stock’s purchase, an acquisition and earnings disappointment have caused its price to decline; the team remained confident in the fundamentals and subsequently added to the position, reflective of its common practice of trading around positions based on price movements. The fund has posted solid results over the long term, outpacing the Russell 1000 Value Index by 1.1 percentage points annualized and earning a top-decile ranking in the large-value category over the 10-year period through March 2014. The downside protection afforded by the team’s emphasis on higher-quality companies and nearer-term catalysts helped the fund during the market crisis from late 2007 through early 2009. While the fund may underperform at times, particularly when markets climb, the team has the wherewithal to build upon its strong record.

Current Investment Style

Market Cap % Giant 26.9 Large 44.8 Mid 26.8 Small 1.4 Micro 0.0 Avg $mil: 35,742

Value Blnd Growth

Large Mid Small

Value Measures Price/Earnings Price/Book Price/Sales Price/Cash Flow Dividend Yield % Long-Term Erngs Book Value Sales Cash Flow Historical Erngs Growth Measures

Rel Category

14.52 1.91 1.03 6.22 2.49

1.10 1.12 0.89 1.03 0.91 1.12 1.18 2.15 1.67 1.43

% Rel Category

9.84 6.07 3.20 9.16 4.98

Composition - Net

Cash 1.0 Stocks 99.0 Bonds 0.0 Other 0.0 Foreign 5.3

Address:

2960 N. Meridian Street, Suite 300 Indianapolis, IN 46208 800-551-3998 www.beckervaluefunds.com

Minimum Purchase: Min Auto Inv Plan:

$2500 $2500

Add: $100 IRA: $2500

Add: $100

Profitability

% Rel Category

Sales Fees:

No-load, 1.00%R

Return on Equity Return on Assets Net Margin

15.43 6.77 11.42

0.95 1.13 0.96

Web Address: Inception: Advisor: Subadvisor: NTF Plans:

Management Fee:

0.55%

(% of Stock)

11-03-03

Actual Fees:

Mgt:0.55% Dist: .

Becker Capital Management, Inc.

Expense Projections: Income Distribution:

3Yr:$311 Annually

5Yr:$546 10Yr:$1218

None

Fidelity Retail-NTF, Schwab OneSource

Mutual Funds ß ®

© 2014Morningstar, Inc.All rights reserved. The information herein isnot representedorwarranted to be accurate, correct, complete or timely. Pastperformance isnoguarantee of future results.Access updated reports at To order reprints, call 312-696-6100. mfb.morningstar.com.

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